Lime Energy Co. Receives NASDAQ Notice Regarding Delinquent Filing of
Quarterly Report
Lime Energy Co. (NASDAQ: LIME) (the "Company") today announced that on May 22,
2013, it received a letter from The NASDAQ Stock Market LLC ("NASDAQ")
notifying it that it was not in compliance with NASDAQ Listing Rule 5250(c)(1)
because it had not yet filed its Quarterly Report on Form 10-Q for the quarter
ended March 31, 2013 (the "Additional Deficiency") and that the Additional
Deficiency served as an additional basis for delisting the Company's common
stock from the NASDAQ Stock Market.
HUNTERSVILLE, N.C., May 28, 2013 (GLOBE NEWSWIRE) -- via PRWEB - Huntersville,
NC -- May 28, 2013 -- Lime Energy Co. (Nasdaq:LIME) (the "Company") today
announced that on May 22, 2013, it received a letter from The NASDAQ Stock
Market LLC ("NASDAQ") notifying it that it was not in compliance with NASDAQ
Listing Rule 5250(c)(1) because it had not yet filed its Quarterly Report on
Form 10-Q for the quarter ended March 31, 2013 (the "Additional Deficiency")
and that the Additional Deficiency served as an additional basis for delisting
the Company's common stock from the NASDAQ Stock Market. That letter also
formally notified the Company the Panel would consider the Additional
Deficiency in their decision regarding the Company's continued listing on the
NASDAQ Stock Market. The Company expects to present its views with respect to
the Additional Deficiency no later than May 29, 2013.
As previously disclosed, the Company received a notice from the NASDAQ Listing
Qualifications Staff on January 9, 2013 regarding the Company's failure to
satisfy NASDAQ Listing Rule 5250(c)(1) because it had not filed its Quarterly
Reports on Form 10-Q for the periods ended June 30, and September 30, 2012,
and that as a result its common stock was subject to delisting from the NASDAQ
Stock Market. The Company requested a hearing before the NASDAQ Hearings Panel
(the "Panel") to review the listing determination and to request that the
Panel grant it additional time to regain compliance. The hearing was held on
February 21, 2013. On March 6, 2013, the Panel notified the Company's that it
had agreed to grant its request for continued listing of its common stock on
the NASDAQ Stock Market, subject to certain conditions, including the
condition that on or before August 9, 2013, the Company shall file its Form
10-Q for the quarter ended March 31, 2013.
The Company expects that it will file its Quarterly Report on Form 10-Q for
the quarter ended March 31, 2013 on or before July 31, 2013. The Company also
expects that it will file restated financial information for the years ended
December 31, 2008, December 31, 2009, December 3, 2010 and December 31, 2011
and for the quarter ended March 31, 2012 (the "Affected Periods") on or before
June 30, 2013. As previously disclosed, the Company's Audit Committee has
determined that the Company's consolidated financial statements for the
Affected Periods could not be relied on. The Company also expects that it will
file its Annual Report on Form 10-K for the year ended December 31, 2012 and
its financial statements for the quarters ended June 30, 2012 and September
30, 2012 on or before June 30, 2013.
Cautionary Statement
This press release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act
of 1934. Forward-looking statements are subject to known and unknown risks and
uncertainties, many of which may be beyond our control. We caution you that
the forward-looking information presented in this press release is not a
guarantee of future events, and that actual events and results may differ
materially from those made in or suggested by the forward-looking information
contained in this press release. In addition, forward-looking statements
generally can be identified by the use of forward-looking terminology such as
"may," "plan," " "will," "expect," "intend," "estimate," "anticipate,"
"believe" or "continue" or the negative thereof or variations thereon or
similar terminology. A number of important factors could cause actual events
and results to differ materially from those contained in or implied by the
forward-looking statements, including how promptly we are able to complete our
accounting review and the results of that review, as well as those factors
discussed in our Annual Report on Form 10-K, filed on March 16, 2012 with the
SEC, which can be found at the SEC's website http://www.sec.gov, each of which
is specifically incorporated into this press release. Any forward-looking
information presented herein is made only as of the date of this press
release, and we do not undertake any obligation to update or revise any
forward-looking information to reflect changes in assumptions, the occurrence
of unanticipated events, or otherwise.
Contacts:
Investor Relations
Ashley Conger
(704) 892-4442
aconger@lime-energy.com
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CONTACT: Lime Energy
Ashley Conger
aconger@lime-energy.com
704-892-4442